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Dec 6, 2012
12/12
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we will accept some tax increases. but let's remember, there are some very important details to be worked out. how much and when. will they just say, okay, we will stand aside while democrats pass this tax cut for the middle class and then let the tax cuts for the wealthy engs pyre? that could happen. but does it happen before the end of the year? does it happen after the end of the year? >> now, dana, on that point, a lot of this is that they seem to have already lost the american public. in a new series of polls. quinnipiac shows that americans have views close to the president. 65% say raise taxes on $250,000 plus. 85% of polls pledged against raising taxes. that's 85%. 51% think that the gop is negotiating in bad faith. so the public seems to be gone from the republican cause. >> right. by two to one in virtually all of these polls we are seeing that they are likely to blame the republicans if the fiscal cliff is reached. and i think you've seen president obama going around the country, as with that family and the
we will accept some tax increases. but let's remember, there are some very important details to be worked out. how much and when. will they just say, okay, we will stand aside while democrats pass this tax cut for the middle class and then let the tax cuts for the wealthy engs pyre? that could happen. but does it happen before the end of the year? does it happen after the end of the year? >> now, dana, on that point, a lot of this is that they seem to have already lost the american...
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Dec 6, 2012
12/12
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host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller: a quick question about the comments of the 401(k). i used to work for a cpa firm. i understand they are income tax deferred instruments. when you take it out, the tax you pay is income tax. the assumption is the rate would be lower. let's say the rate is 25% when you retire. that is higher than the current cap gains tax rate. it does not apply to 401(k)'s or any other income tax deferred instrument. when you take them out, you pay taxes on them. guest: that is correct. you pay income tax and presumably when you retire, you are at a lower tax rate and that is the
host: the estate tax or the capital gains tax? guest: the estate tax. host: if it's an asset, you pay capital gains. guest: right. host: we have this comment on twitter from james. guest: corporations would say the businesses are already being taxed. folk should not be taxed for investing in their business. host: double taxation. guest: that is the argument. when people die, they are being taxed again. that is the essence of the argument against the estate tax. host: can you start over? caller:...
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Dec 7, 2012
12/12
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house republicans would allow a vote on extending the bush middle class tax cuts. that bill already passed in august in the senate. and offer the president nothing more. no extension to the debt ceiling, nothing on unemployment, nothing on loopholes. congress would recess for the holidays and the president would face a big battle early in the year over the debt ceiling. ." two republican officials tell me this is becoming the most likely scenario. "the new york times" added more detail including this amazing quote from rep michael c. burgess of texas. "there's always better ground, but we have to get there." in this case the better ground is exchanging the threat of a congressionally induced recession for the threat of a congressionally induced global financial crisis combined with recession. that, that is your better ground? that's a big plan? it's not -- it's not better ground for the economy. and, frankly, i find it difficult to see how it's better political ground even for the gop. i figured, i didn't get it. so i figured this was beyond my small political brai
house republicans would allow a vote on extending the bush middle class tax cuts. that bill already passed in august in the senate. and offer the president nothing more. no extension to the debt ceiling, nothing on unemployment, nothing on loopholes. congress would recess for the holidays and the president would face a big battle early in the year over the debt ceiling. ." two republican officials tell me this is becoming the most likely scenario. "the new york times" added more...
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Dec 4, 2012
12/12
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the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98% of families and 97% of small businesses from painful tax increases by asking the top 2% to pay a little bit more. the republicans' plan, on the other hand, is more of the same. not only does 2 balance the budget on the backs of the middle class, it voids our promise to seniors with steep cuts to social security and medicare, all to pay for even more handouts to the rich. at least we now know where they stand. republicans have sought to cover by invok invoking erskine bowle' name. he has disavowed their plan. we're glad to see the republicans join in the negotiating process. while their proposal
the nonpartisan tax policy center called it mat mathematicy impossible to give tax breaks to the rich without harming the middle class. this is something that former president clinton said during the campaign. it's arithmetic. given the choice between the millionaires and billionaires and the middle class, the republicans again sided with the wealthy of this country. their plan doesn't just keep rates low for the richest 2%, it actually lowers them further. the democrats' plan would protect 98%...
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tax increases coming next year. we've got two avoidance measures in the news, item one. 200 companies or more will pay dividends this year and that avoids the higher dividend tax next year. two, charities are seeing big increases in contributions now in case the deductions is limited next year. and joining us from the research group, we haven't seen greg since the election. >> i think once, you were out that day, but great to see you stuart. how have you been? >> i'm recovering from the election. >> glad to hear it. what i'm seeing with the dividends, charitable contributions speeding up. people are trying to avoid the tax increases they know are going to hit them next year, the rich avoiding the tax on the rich policy, isn't it? >> well, who can blame them, right? this is a classic example of unintended consequences, when you start talking about raising taxes, people take action to reduce their liability. that's human nature, that's common sense. on this, on the stories you cite, stuart. two quick comments, number
tax increases coming next year. we've got two avoidance measures in the news, item one. 200 companies or more will pay dividends this year and that avoids the higher dividend tax next year. two, charities are seeing big increases in contributions now in case the deductions is limited next year. and joining us from the research group, we haven't seen greg since the election. >> i think once, you were out that day, but great to see you stuart. how have you been? >> i'm recovering from...
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Dec 1, 2012
12/12
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taxes, entitlements, you name it, we're ready to talk. >> you would begin with the tax situation, right? i would begin with the spending but you are smarter than me. >> so you say to mr. obama, all right, we're willing to compromise here if it's reasonable. all right? how much more do you want to squeeze out of the upper 2%? and he says probably, i want to go back to the rate clinton had 39.5 and i want to raise capital gains to 25%. do you, lou dobbs, give him that if there is something else that he has to give? >> i certainly would not give him that without conditions. >> bill: but you would think about it it? >> absolutely. that's what i'm saying. the dobbs plan says that reasonable, reasonable, what does that mean? that a little bit of tax hike on the wealthy, and wouldn't be a little bit. what is it estimated to be about something like a billion a year. >> $82 billion. >> bill: a year? >> per year. >> bill: that's still not -- all right. so, but then to get those tax hikes, what does lou dobbs want as far as spending cuts? >> well, you know, first of all i wouldn't negotiate in the
taxes, entitlements, you name it, we're ready to talk. >> you would begin with the tax situation, right? i would begin with the spending but you are smarter than me. >> so you say to mr. obama, all right, we're willing to compromise here if it's reasonable. all right? how much more do you want to squeeze out of the upper 2%? and he says probably, i want to go back to the rate clinton had 39.5 and i want to raise capital gains to 25%. do you, lou dobbs, give him that if there is...
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Dec 7, 2012
12/12
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CNBC
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i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ] when this hotel added aflac to provide a better benefits package... oahhh! [ male announcer ] it made a big splash with the employees. [ duck yelling ] [ male announcer ] find out more at... [ duck ] aflac! [ male announcer ] ...forbusiness.com. ♪ ha ha! it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. >>> we've got some more breaking news for you. the michigan
i am a flat tax guy. what i don't get is why the united states wants to imitate the mistakes of western europe, jim pethokoukis. that's what i don't get. you get the last word. >> i think it's stunning and i hope we learn from yoour mistak as quickly as they did in great britain. >>> who needs to wait for a recession? our next guest says we may already be in one and it started way back in july. think about that. recession last july. stay with us. he'll defend his position. r ]...
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Dec 7, 2012
12/12
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tax rates will go up. republicans might let a vote go through on a bill that, you know, extends all the middle-class tax cuts, lets the top 2% expire. say it's a democrat bill, democrats mainly supported it with moderate republicans and senate approve that and throw in unemployment benefits and other stuff. >> and john boehner can't afford to say there's progress being made or people will have his head again. he has to say pleasant but nothing going on. >> i don't know. i think if you believe that this is the truth, you and ayman should do something like if you had mustaches shave them if you lose. >> grow them. >> grow. maybe grow one. >> universal. >> no one wants to see a mustache. >> the mustache karma of david axelrod can be channeled through cnbc's ayman jabbers. >> i'll talk to him about that. >> i checked with ben about that. he will accept payment in pennies if i lose. >> i'm looking forward to it. >> that is downright scrooge-like. ayman jabbers thank you as always for the answers my friend. >> t
tax rates will go up. republicans might let a vote go through on a bill that, you know, extends all the middle-class tax cuts, lets the top 2% expire. say it's a democrat bill, democrats mainly supported it with moderate republicans and senate approve that and throw in unemployment benefits and other stuff. >> and john boehner can't afford to say there's progress being made or people will have his head again. he has to say pleasant but nothing going on. >> i don't know. i think if...
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Dec 6, 2012
12/12
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these taxes the president wants. if begive him all tax increases it pays for 8 and a half days of government. it doesn't do anything for middle class it will destroy middle class job creation. the more we tell people that the stronger we will be in being able to negotiate a solution moving forward. >> bill: handicap it real quick, is it going to happen or go into january with chaos? >> at a minimum what i hope is that we'll be able to do something here that avoids this fiscal cliff which is a creation of congress. it's a bipartisan creation. this fiscal cliff is the result of the last fiscal cliff. >> bill: that put a date on there. >> yeah. >> bill: may extend the date that's what i think is going to happen. >> my hope is is that we can avoid the bad stuff. then we have to deal with the 16 trillion-dollar debt that $1 trillion a year in deficit spending. we have to solve that. that thing is not going to solve itself. >> bill: doesn't feel like the president feels the urgency that you feel. you are one of the leaders
these taxes the president wants. if begive him all tax increases it pays for 8 and a half days of government. it doesn't do anything for middle class it will destroy middle class job creation. the more we tell people that the stronger we will be in being able to negotiate a solution moving forward. >> bill: handicap it real quick, is it going to happen or go into january with chaos? >> at a minimum what i hope is that we'll be able to do something here that avoids this fiscal cliff...
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Nov 30, 2012
11/12
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CNBC
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income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings that people otherwise might be getting. it's just a new way of looking at it. >> and there's something that i guess is being called housers law where the idea being no matter where tax rates are, tax revenues as a percentage of gdp are going to remain constant or relatively constant over time. have you been getting pushed back to your story about that concept conce concept? >> well, it's important to understand that's true. whether or not it's a law is another question. it's absolutely true that they've remained pretty stable. the point here is the distribution has changed. relatively speaking
income taxes, that we haven't paid more attention to property, state, local, and sales taxes? >> one big reason is this data doesn't exist. we created a model so that we could simulate the way that this tax burden is distributed. there's go government entity that looks at the burden of taxation. there is no centralized data. so people really miss this point. they don't appreciate the extent to which state and local taxes are interacting with federal taxes and really consuming the savings...
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Dec 1, 2012
12/12
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CNNW
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. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see myself going through chemoagain. >> this is "piers morgan tonight." >>> good evening. who ever thinks the american dream is dead or dying should meet mark and cindy hill, a missouri couple who live a very ordinary life. at least that's what they were doing until wednesday and a little thing called power ball came along. sure, the odds were 1 in 175 million, but like everybody else in america, pretty much everyone else, they bought a ticket. wouldn't you know it, they won. sharing the jackpot with another lucky winner. today, the hills are holding a check in their hands for a cool $293
. >> with 32 days to go, will you be paying higher taxes? my political all-stars weigh in on battleground america. >>> and against all odds, after sandusky, penn state's incredible comeback. my exclusive interview with the coach of the year. >>> and a reunion with a dear old friend whose bark is as bad as her bite. sharon osbourne. her incredible year of highs and lows and how she's rebuilding her life after facing a terrible health prognosis. >> i couldn't see...
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Dec 7, 2012
12/12
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they sent her a tax bill for $300,000. they wouldn't do that to you and your wonderful wife and they wouldn't do that to other straight couples in this country. it's not fair. >> let's go to -- let's get revolutiona revolutionary. we only have a few minutes. wonder looking at justice kennedy maybe because he's irish, i'm just kidding, there's something about him i find very interesting. >> and from california. >> he's from california. if you look at the majority opinion in the case involving lawrence texas which was about outlawing or basically declaring sodomy -- anti-sodomy laws unconstitutional, he says not only in that court decision you can't deny a person's liberty in these cases to engage in intimate conduct but it's about something bigger. marriage is is not about having constant sex, it's about having a loving relationship. it's about people. >> right. >> not organs. let me -- >> it's about families. >> okay. you tell it your way. if it gets down to questions of liberty and equal protection of the law, fundamental
they sent her a tax bill for $300,000. they wouldn't do that to you and your wonderful wife and they wouldn't do that to other straight couples in this country. it's not fair. >> let's go to -- let's get revolutiona revolutionary. we only have a few minutes. wonder looking at justice kennedy maybe because he's irish, i'm just kidding, there's something about him i find very interesting. >> and from california. >> he's from california. if you look at the majority opinion in the...
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Dec 6, 2012
12/12
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pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being the expiration of the bush tax cuts at the end of this year. to some extent, now they're getting to the real deadline and it is more serious. host: have you written one of the, if we go over the cliff, this is what happens-type article? guest: yes. people would probably start feeling it in their paychecks pretty quickly. never mind what it means to the broader economy. it will hit. it will hurt a lot of people. if we did not change the law and it went one month, two months, three months, it could lead to another recession because there be such a sharp drop in people's incomes and it would be s
pays a lot of money in payroll taxes and sales taxes and state and local taxes and property taxes. it adds up even if they're not paying income tax. host: how would you compare the current talks to july 2011 and the debt limit, fiscal cliff, sequestration -- guest: the debt limit talks definitely set the stage for this. they were not completely without value. i get the sense it is a lot more serious now. it has almost been like a year- and-a-half long negotiation. with the real deadline being...
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Dec 5, 2012
12/12
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on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did which competed against other bids across the uk. he's also right to say that we are helping the northern islands energy sector with decisions on the carbon price which i detest a semi-statement to announce but are in the book. am glad he acknowledges those. any more broadly what i would say to him is northern ireland will benefit, the rest of uk will benefit when we help people and work hard and want to get on with doing that with personal allowance, when we help people who are small businesses with fuel duty, we're doing all these things making sure they are outlined to the northern ireland's. >> with i
on another tax problem, tax fund, yes cut through all the jews rate against -- [inaudible] but surely it needs to be more robust. if it is going to be a meaningful priority, let's say to coordinate against corporate tax conjuring, surely has to start a reason to think the controls -- that he made in the last budget. >> first of all can i thank him for the support he has given for the decision to provide ultrafast broadband, and i want to congratulate the city for a very, very good did...
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Dec 7, 2012
12/12
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to a higher tax rate. i think they would be fine getting rid of some of the loopholes, but if this goes to where it's just higher tax rates on the rich and very little spending cuts, they little reform, i think there will be huge outrage. >> how about a sizable adjustment in entitlements, a big -- billions of dollars in cuts in regular spending, appropriations spending, and a reduction in the rich person's tax rate, a rise to 37% or 38%, would that sell with the right or not? >> i think there's a chance if they would see real reform, real cuts, more than what the president was saying, 2.5 times of cuts for every tax increase, but what they don't want are tax increases now and future cuts. that's not going to work. >> okay. thank you. just want to know what the rules were in the sane world and the insane world. i think it's going to be more like one to one, and i think it's going to be something like i mentioned. let me go back to you, bob. i don't know what it looks like to you. just the other day -- you d
to a higher tax rate. i think they would be fine getting rid of some of the loopholes, but if this goes to where it's just higher tax rates on the rich and very little spending cuts, they little reform, i think there will be huge outrage. >> how about a sizable adjustment in entitlements, a big -- billions of dollars in cuts in regular spending, appropriations spending, and a reduction in the rich person's tax rate, a rise to 37% or 38%, would that sell with the right or not? >> i...
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Nov 29, 2012
11/12
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FBC
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call it a tax revolt. more than 170 companies issuing special dividends to avoid higher taxes next year. is a victory for investors but it is it also a victory for libertarians? we will ask one of them after the break. the judge. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the difrence that quality time with our members can make... that's a very nice cake! ohh! [ giggles ] [ male announcer ] humana thanks the physicians, nurses, hospitals, pharmacists and other health professionals who helped us achieve the highest average star rating among national medicare companies... and become the first and only national medicare advantage company to achieve a 5-star rating for a medicare plan... your efforts result in the quality of care and service we're able to provide... which means better health
call it a tax revolt. more than 170 companies issuing special dividends to avoid higher taxes next year. is a victory for investors but it is it also a victory for libertarians? we will ask one of them after the break. the judge. want to try to crack it? yeah, that's the way to do it! now we need a little bit more... [ male announcer ] at humana, we understand the value of quality time and personal attention. which is why we are proud to partner with health care professionals who understand the...
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Dec 7, 2012
12/12
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he voted for reduced rates on capital gains taxes. he voted to keep subsidies for oil and gas companies. that's a big one. but the best part of louie gohmert's crusade to protect the word "lunatic" is this -- >> this administration sent planes and bombs and support to oust gadhafi so that al qaeda and the muslim brotherhood could take over libya. i don't want to make you sick, but i brought an abortion to show you today. and i would just like to conclude with words of my friend, dick morris, who said, i know there's a disagreement on when life begins in america, but for heaven's sake, we ought to agree that life ends when you die. >> now we know why congressman louie gohmert of texas feels so passionately about protecting the word "lunatic." >>> coming up, one of the world's biggest companies is coming back to america. they're not worried about profits. they're worried about the american workforce. we'll explain why, next. [ male announcer ] if you're eligible for medicare, now is a good time to think about your options. are you looki
he voted for reduced rates on capital gains taxes. he voted to keep subsidies for oil and gas companies. that's a big one. but the best part of louie gohmert's crusade to protect the word "lunatic" is this -- >> this administration sent planes and bombs and support to oust gadhafi so that al qaeda and the muslim brotherhood could take over libya. i don't want to make you sick, but i brought an abortion to show you today. and i would just like to conclude with words of my friend,...
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when you withdraw, you already paid taxes on the money so it grows tax-free. >> taxpayers are looking for ways to accelerate income into 2012. the roth ira is a good way to do that. tracy: and you owe the entire tax bill on your entire ira this year. >> correct. all of the future earnings, future growth will be tax-free in the future. you need to be careful. the roth is not necessarily something, if you are looking you need the money and the next couple years. it is something you don't want to touch. you want to use money to pay the taxes outside of the ira. it is a wonderful estate planning tool. if you do not need the money, you can allow it to grow for decades and they give it to the next generation. tracy: and then your heirs get it for free. let's talk about capital gains. this is a big issue for a lot of people. what about dividend producing stocks and putting them into a retirement account. >> absolutely. it is worth considering. where should your assets be. inside or outside an ira. you only pay tax when you take the money out in retirement. tracy: it is worth discussing. we w
when you withdraw, you already paid taxes on the money so it grows tax-free. >> taxpayers are looking for ways to accelerate income into 2012. the roth ira is a good way to do that. tracy: and you owe the entire tax bill on your entire ira this year. >> correct. all of the future earnings, future growth will be tax-free in the future. you need to be careful. the roth is not necessarily something, if you are looking you need the money and the next couple years. it is something you...
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Dec 5, 2012
12/12
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without raising any taxes. but the fact of the matter is i know the gentleman has historically not felt tax cuts should be paid for either by reducing it or offsetting. the president doesn't agree with the $800 billion because he doesn't think the math works. i share the president's view. the math doesn't work. the most useful effort will be if we all agree on the onive -- objective, whether it's $4 trillion, whether it's 70% debt to g.d.p. ratio which most economists or a little less than that is sustainable or is on a sustainable path. if we all agree with the objective and then, mr. majority leader, simply make the math work to get there on a way that we could agree on, i think america would be advantaged, the economy would be advantaged and we'd see a renaissance of job creation in this country as we did in the 2000's. and i'll be glad to yield to my friend. mr. cantor: i accept the gentleman's good intentions. i know he doesn't think that we ought to be imposing additional obligations on the american peopl
without raising any taxes. but the fact of the matter is i know the gentleman has historically not felt tax cuts should be paid for either by reducing it or offsetting. the president doesn't agree with the $800 billion because he doesn't think the math works. i share the president's view. the math doesn't work. the most useful effort will be if we all agree on the onive -- objective, whether it's $4 trillion, whether it's 70% debt to g.d.p. ratio which most economists or a little less than that...
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Dec 7, 2012
12/12
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CURRENT
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they want lower taxes. they don't want their taxes -- they -- and i would submit to you that you don't see in washington, d.c. lobbies for the middle class for the job less. >> right. >> people of color. what you have in washington are these establishment, well-funded corporate lobbies. they want to fund corporations as people. they want those tax breaks. they are not working for the common good. around this country, you have social movements in motion. you have a lot of good progressive ideas. it is the case that right now we shouldn't be talking about cuts. we should be talking about how to create jobs. >> yeah. >> we should be talking about how to invest in our country and not be involved in kind of an austerity-light. >> that's going to take a lot more work, but i -- i respectfully submit that there are amount of good -- a lot of good progressive -- there is a lot of good progressive work and movement work. >> i love this. well, cat written t /* katrina, you are bringing some much-needed, positive view
they want lower taxes. they don't want their taxes -- they -- and i would submit to you that you don't see in washington, d.c. lobbies for the middle class for the job less. >> right. >> people of color. what you have in washington are these establishment, well-funded corporate lobbies. they want to fund corporations as people. they want those tax breaks. they are not working for the common good. around this country, you have social movements in motion. you have a lot of good...
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Nov 30, 2012
11/12
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FBC
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raising the gas tax is the latest. tom kloza joined those on the phone now. >> i think it is probably something that is sensible to look at. melissa: what works? this is incredibly regressive. i cannot imagine democrats embracing this. this will hit lower income americans the hardest. >> in the rural south and the rural midwest. it has not been increased since 1993. it is a fraction of what you see. here is a thought. if you really believe and i do believe that we are probably going to be much more dependent on foreign oral and have two purdue as oil going forward, there may be a way to index it towards those u.s. numbers. melissa: is the economy growing at 8% and no one told me look back why would you raise taxes on something like this works? home values are terrible. unemployment is high. that just takes money directly away from things that people would spend money on to fuel the economy and put that in the pocket of the government. >> i would disagree with you. years ago if we would spend as much as we well this yea
raising the gas tax is the latest. tom kloza joined those on the phone now. >> i think it is probably something that is sensible to look at. melissa: what works? this is incredibly regressive. i cannot imagine democrats embracing this. this will hit lower income americans the hardest. >> in the rural south and the rural midwest. it has not been increased since 1993. it is a fraction of what you see. here is a thought. if you really believe and i do believe that we are probably going...
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tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the i.r.s. to delay the tax filing season by ten weeks or more for millions of americans. in fact, we are at the 11th hour. i should amend my comments to make that point very clear. this need for the i.r.s. to delay the tax filing season is because the bill extends many provisions that expired at the end of 2011. they need to be extended for 2012 before people file their tax returns beginning in january of 2013. after congress acts, if it acts, the i.r.s. needs weeks to finalize tax forms and instruction books and t
tax reform. each should be made permanent or fazed out based on that review, but realistically, the congress will not make those decisions before the end of this year. tax reform will take the better part of a year to accomplish or perhaps even longer. we will need to pass an extenders bill before then, and we have one before us today that is worthy of being passed. a third reason we should pass the tax extenders package now and not wait until the 11th hour is that waiting could force the...
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tax. >> anyone want to weigh in on these? david, i see you smiling down there. >> i was waiting for judd to jump in. he is the one that convinced me. >> ultimately, i think have gotten more than they can handle. the revenue targets the needs to reach, the spending targets they need to reach now knocked enormous, but if you look down the road, in particular at health care spending, given the discussion we had before, we can do everything we want to try to control health-care spending, but another way to help control health care spending is earmarked a value-added tax toward revenue which would have an immediate link between how much was spent, how much people have to pay in taxes, it would eliminate their repressivity of that, and it would inoculate the deficit from uncertainty about health-care reform. health care reform will take a long time. it is more complicated than tax reform. we have had one major tax reform in the last 50 years, thanks to senator packwood and others. we cannot wait
tax. >> anyone want to weigh in on these? david, i see you smiling down there. >> i was waiting for judd to jump in. he is the one that convinced me. >> ultimately, i think have gotten more than they can handle. the revenue targets the needs to reach, the spending targets they need to reach now knocked enormous, but if you look down the road, in particular at health care spending, given the discussion we had before, we can do everything we want to try to control health-care...
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let's take a closer look at california's tax rate. the top individual tax rate was 10.3%. the second highest in the nation. due to a new proposition that was just passed that number is going to jump to 13.3% for top earners. perhaps this sentiment seems to be working in the golden state. which also has a corporate tax rate of 8.84%. which is why you don't see companies clamoring to open businesses in the state. pill * a lot of debt. martha: mr. grant from the "mary tyler moore show"? he voiced over that. he lives in france. bill: new concerns the u.s. is running out of doctors at a time when obama-care will put millions of americans into the system. our fox news medical a-team doctor on what needs to happen there. martha: they were trapped under a car struggling to breathe and split second heroics saved theof lives of her mother and child. of pepto-bismol to-go. bp has paid overthe people of bp twenty-threeitment to the gulf. billion dollars to help those affected and to cover cleanup costs. today, the beaches and gulf are open, and many areas are reporting their best tour
let's take a closer look at california's tax rate. the top individual tax rate was 10.3%. the second highest in the nation. due to a new proposition that was just passed that number is going to jump to 13.3% for top earners. perhaps this sentiment seems to be working in the golden state. which also has a corporate tax rate of 8.84%. which is why you don't see companies clamoring to open businesses in the state. pill * a lot of debt. martha: mr. grant from the "mary tyler moore show"?...
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he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this debt. we keep spending and spending and raising our debt by $6 trillion every obama term. that's what catastrophic. the republicans need to stick to the boehner rule. a dollar of spending cuts for every dollar in spending increases. why give in on taxes and the fiscal cliff fight when you will have all the leverage. megyn: simon? >> in the rasmussen poll that came out today the republicans lost 10 points since the election in the congressional generic fight. they are losing this economic argument right now. if they pull what mark is saying, you are going to
he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this...
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but it has no tax increases. it raises revenue through closing tax loopholes and this deductions. raising 800 billion over 10 years. does have a what the president is proposing.hite house he immediately rejected the republicans' proposal. the president is saying that he will not accept a proposal without a tax increase for the wealthier americans. it is 27 days until the fiscal cliff. >> u.s. officials say that the white house and its allies are weighing military options to secure serious chemical and biological weapons. this comes after u.s. intelligence reports show that the syrian regimen may be ready and those weapons and may be desperate enough to use them. president barack obama told an audience at the national defense university monday that the use of chemical weapons is and would be totally unacceptable. >> the senate has approved president barack 0 obamas choice to be the top commander in afghanistan. lawmakers cleared the way for general joseph dunford, the assistance command of the marine corp's, to take over as head of the u.s. and coalition forces and afghanistan. ala
but it has no tax increases. it raises revenue through closing tax loopholes and this deductions. raising 800 billion over 10 years. does have a what the president is proposing.hite house he immediately rejected the republicans' proposal. the president is saying that he will not accept a proposal without a tax increase for the wealthier americans. it is 27 days until the fiscal cliff. >> u.s. officials say that the white house and its allies are weighing military options to secure serious...
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we're definitely raising taxes, payroll tax holiday is gone. we're raising taxes on everybody. do you want to do that at a time when the economy is fundamentally weak? raise taxes in a weak economy? not a good idea. this report in one hour is going to tell us an awful lot about the underlying state of our economy. >> brian: because of my unique position and what i made witness of hurricane sandy, i know you can not find an electrician. you can not find a plumber. you have to wait in line for a contractor. so anyone that says sandy wiped out jobs, you might have a point. they also gave a lot of jobs and a lot of the fema checks are up to $30,000. and they're building things and hiring people with that money. >> that is true. and next month when we get next -- december's unemployment report, you're going to see a blip up in number of jobs created because of what you're talking about. but in november, jobs were lost because of the hurricane, but not as many as to make up for a fundamentally underlying weak economy. >> brian: do you think that the number today will spur some real l
we're definitely raising taxes, payroll tax holiday is gone. we're raising taxes on everybody. do you want to do that at a time when the economy is fundamentally weak? raise taxes in a weak economy? not a good idea. this report in one hour is going to tell us an awful lot about the underlying state of our economy. >> brian: because of my unique position and what i made witness of hurricane sandy, i know you can not find an electrician. you can not find a plumber. you have to wait in line...
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be a delayed start to 2013 tax season. in programming its systems, the irs considered the congress would patch the amt. without another patch, the amt could hit as many as 33 million people for the 2012 tax year and it will take them some time to reset all of those forms. >>> and squawk is in session thorn with congressman peter roskam, member of the ways and means committee. thanks for joining us. >> good to be here. >> one of your quotes is that house republicans are prepared to get the yes, but not prepared to get to foolish. and 1.6 you would think is foolish. 800 people think maybe that's doable. could it just look like this, i'll cut to the chase, we go up -- we start at 500,000 and above. we go up 2 percentage points to 37 and do a couple things on deductions that are politically possible to do to get to a trillion dollars. if the president were to come down to a trillion, could we go up -- would republicans go up to a trillion in that. >> i'll give you a straight hans, but inhan answer, but in a minute. let me get
be a delayed start to 2013 tax season. in programming its systems, the irs considered the congress would patch the amt. without another patch, the amt could hit as many as 33 million people for the 2012 tax year and it will take them some time to reset all of those forms. >>> and squawk is in session thorn with congressman peter roskam, member of the ways and means committee. thanks for joining us. >> good to be here. >> one of your quotes is that house republicans are...
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just 28 days left and fiscal cliff talks are at a standstill over taxes and entitlements. >> they must have forgotten that republicans have continued to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> could the only thing standing in the way of that would be a refusal by republicans to accept rates have to go up on the wealthiest americans and i don't really see them doing that. >> thank you very much. mr. president. >> meanwhile as nato prepares to deploy patriot missile defenses to turkey, hillary clinton warns syria against moving its chemical weapons. >> this is a red line for the united states. i'm not going to telegraph in any specifics what we are would do in the event of credible evidence that the assad regime has resorted to using chemical weapons against their own people, but suffice it to say, we are certainly planning to take action if that eventuality were to occur. >> and while washington buzzes over this video tribute to clinton, some are
just 28 days left and fiscal cliff talks are at a standstill over taxes and entitlements. >> they must have forgotten that republicans have continued to hold the majority in the house. but, you know, the president's idea of a negotiation is roll over and do what i ask. we need to find common ground and we need to find it quickly. >> could the only thing standing in the way of that would be a refusal by republicans to accept rates have to go up on the wealthiest americans and i don't...
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discuss tax, then let's talk seriously about taxes. if we're going to talk about spending cuts, let's talk seriously about spending cuts. but we're not going to take care of this $16 trillion debt unless we do that. >> people have described what's happening in the gop as sort of a civil war. you have the tea party, sort of mainstream conservatives and then moderates, those that remain. and then there have been sort of calls, to fire, to get rid of john boehner. do you think that's going to happen? would you support that? >> well, i think there's a lot of unease in the conference. there's a lot of unrest at all levels. tea party versus moderate versus mainstream theme. people like me are out there, calling for reductions in pentagon spending, calling for working with the democrats. if you look at the four people removed from their committees, we have been willing to work with democrats on a lot of these tough spending issues. >> would you support the re-election of the speaker? or do you think he should be fired? >> well, we're going to
discuss tax, then let's talk seriously about taxes. if we're going to talk about spending cuts, let's talk seriously about spending cuts. but we're not going to take care of this $16 trillion debt unless we do that. >> people have described what's happening in the gop as sort of a civil war. you have the tea party, sort of mainstream conservatives and then moderates, those that remain. and then there have been sort of calls, to fire, to get rid of john boehner. do you think that's going...